Reku Boss: People Need To Prepare Bearish Conditions Ahead Of The 2024 Halving Bitcoin

JAKARTA - Bitcoin is still a very attractive asset among crypto activists. Especially ahead of the events that are eagerly awaited for Bitcoin to reach All Time High (ATH), namely the 2024 halling.

Responding to this potential, Robby as Co-Founder and Chief Compliance Officer (CCO) Reku said that although Bitcoin and other crypto assets experienced significant volatility until September this year, Bitcoin's dominance was still increasing.

"The Bitcoin dominance is at the level of 50.16 percent in the third quarter of 2023, while in the second quarter it is around 47 percent. So there is an increase of around 3.16 percent. This indicates that Bitcoin demand continues to increase," Robby said in an online Bitcoin Outlook 2024 event on Wednesday, October 4.

The medium to long term investors continue to accumulate Bitcoin, especially to prepare for halving, added the man who is also the General Chair of the Indonesian Crypto Asset Traders Association (ASPAKRINDO).

Historically, the Halving Bitcoin in 2013 recorded an increase in Bitcoin prices of up to 93.1 times the equivalent of Rp164 million. Then Halving in 2017, the price of Bitcoin increased 30.1 times which made Bitcoin reach the level of Rp300 million.

Furthermore, in 2021, it will increase by 7.8 times, touching All-Time-High (ATH) at IDR 939 million. In 2024, Bitcoin is projected to increase by 4.2 times.

However, before the price spike or known as to the moon, Robby appealed to the public to prepare themselves to face bearish conditions.

bearish condition is a classic cycle that occurs before halving. So before halling, investors also need to be prepared to deal with this fluctuation," added Robby.